Nashville Home Sales Up 25%

Nashville Real Estate Trends

According to the Greater Nashville Association of Realtors there were 2,186 home closings reported for the month of April. Represents an increase of 25 percent from the 1,747 closings reported for April, 2011.

Year-to-date closings are also up compared to 2011 with 7,041.That is a 24.5 percentincrease compared to the 5,655 closings reported through April 2011.

“Total sales are the best we’ve seen since June 2010, which was the initial deadline for the First Time Buyer Tax Credit,” said GNAR President Kendra Cooke. “While some of the increase can be attributed to normal seasonal trends, the high number of closings is a clear indication that the real estate market in this region is showing significant improvement. The continuation of historically low interest rates, increasing economic confidence and increasing rental rates are all factors having a positive impact on real estate sales.”

A comparison of sales by category for April is:

April 2011

April 2012

CLOSINGS

1,747

2,186

Residential

1,422

1,841

Condominium

203

230

Multi-Family

24

26

Farms/Lands/Lots

98

89

There were 2,436 sales pending at the end of the month, compared to the 1,909 pending sales at this time last year. The average number of days on the market for a single-family home was 88 days.

The median residential price for a single-family home during April was $165,120 and for a condominium it was $141,190. This compares with last year’s median residential and condominium prices of $159,070 and $148,000, respectively.

Inventory at the end of April was 19,622, down from 22,297 in 2011. The current inventory of properties by category, compared to last year, is:

April 2011

April 2012

INVENTORY

22,297

19,622

Residential

13,998

12,185

Condominium

2,110

1,703

Multi-Family

353

294

Farms/Land/Lots

5,836

5,440

“Inventory is down, but with overall inventory at a 9-month supply and residential inventory at a very balanced 6.5-month supply. Right now, sellers will want to be sure their homes are well-prepared for showing. While market activity is increasing, buyers are very focused on properties they visit being clean and fixed-up if they are going to seriously consider making a purchase.” added Cooke.

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.